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This arena was considered an architectural marvel when first constructed, combining innovative design for the roof, seating, and the structure itself. The logo is based on the unique seating arrangement. The exterior was composed of Cor-Ten weathering steel, which was supposed to seal itself by continuing to rust, making a solid steel structure that would last for decades. The Omni was noted for its distinctive space frameroof, often joked about as looking like an egg crate or a rusty waffle iron. Designed by the firm of tvsdesign with structural engineering work by the firm of Prybylowski and Gravino, the roof was technically described as an ortho-quad truss system.

The only remaining reminder is the scoreboard from the Omni that now hangs in the pavilion of the Philips Arena. That scoreboard, a basketball-specific scoreboard, was created by American Sign and Indicator in the early 1980s to replace a hockey-specific scoreboard that was the arena's original scoreboard, but was maintained by Daktronics during the 1990s. As well, the arena contained on each end zone four messageboards, two of which were animation boards.

The Omni was a hotbed for professional wrestling throughout its existence. It was considered the home base for the NWA's Georgia Championship Wrestling since its opening, Jim Crockett Promotions in the late 80's, and WCW. Many major and historic wrestling events were held there, including Starrcade 85, Starrcade 86, Starrcade 89, the first Wargames match during the Great American Bash in 1987, and many other PPV shows. The WWE also held shows at the Omni many times when they were known as the WWF.

Elvis Presley performed a total of 12 times in 3 years between 1973 and 1976.

The Police performed 2 consecutive shows during their Synchronicity Tour on November 2–3, 1983, with The Fixx as their opening act. Excerpts of these shows were featured on the 1984 Synchronicity Concert VHS, the 2005 DVD release and on disc 2 of their live album, entitled Live!.

The Grateful Dead performed 3 consecutive shows during their Built to Last Tour on April 1–3, 1990. The shows were recorded and 3 songs from their April Fool's Day show "China Cat Sunflower/I Know You Rider" and "Dear Mr. Fantasy" were included on their live album, entitled Without a Net.

R.E.M. concluded their Monster World Tour with 3 consecutive shows on November 18–19 and 21, 1995, with Luscious Jackson as their opening act. The shows were filmed and recorded, with the final show released as a documentary-style film, entitled Road Movie.

The Omni did not last nearly as long as several other arenas built during the same time period, in part because some of its innovations did not work as intended. The most serious problem was the weathering steel. As noted above, it was designed to rust so a protective seal would form around the building. However, the designers didn't factor in Atlanta's humid subtropical climate, which put so much stress on the steel that it never stopped rusting. By the 1980s, the steel had so badly corroded that holes began appearing that were large enough for people to crawl through. Chain link fences were installed to keep people from crawling though the wall to see events. Despite fairly good sight lines, the structure had the outward appearance of looking dated by the early 1990s (although the arena was only 20 years old).

Built on a former railroad yard, it settled more than its designers expected after construction. There were unanticipated stresses in the space frame roof, which often leaked water.

In the late 1980s and early 1990s, a growing number of NBA and NHL teams started constructing new arenas with better amenities for their high-end customers, such as luxury boxes, club-level seating, and massive club concourses, in order to increase their revenue streams. Some of these new arenas had as many as 200 luxury boxes. By comparison, the Omni had only 16 luxury boxes and no club level at all. It also became a disadvantage to the city of Atlanta; until the Georgia Dome was finished in 1992, the Omni served as its largest indoor facility in terms of seating capacity.

Although the Omni hosted many events, it lost more than its share due to the smaller capacity and lack of amenities when compared to newer buildings in other cities. By the start of the 1990s, a collective effort began to build a replacement. A new arena would have likely been needed in any event due to the Omni's structural problems. This also stemmed from the desire of Ted Turner to own an NHL franchise; the Flames had been sold to Canadian businessmen and relocated to Calgary, Alberta a decade earlier. The NHL determined that the Omni was not suitable even as a temporary facility, and would only grant an expansion team to Atlanta if Turner guaranteed a brand-new arena that would be in place by the time the new team took the ice for the first time. On July 26, 1997, the Omni was demolished, and Philips Arena, which was constructed on the site, opened on September 18, 1999.